Half of Irish events companies have seen profits plunge by over 90%

Organisers of major festivals like Electric Picnic have been hit due to the coronavirus pandemic.

Event Industry Ireland says half of events companies have temporarily laid off staff and a fifth can only stay afloat for another one to three months.

Its survey has also found over half have seen their earnings plunge by more than 90% since Covid-19 restrictions were introduced in March.

CEO OF Cogs and Marvel, Roisin Callaghan says many are worried they won't survive.

"With events not likely to come back within the next six months, possibly a year, it is taking its toll and we have great concerns for the longevity of these event management companies here in Ireland," said Ms Callaghan.

The sector employs 35,000 people in Ireland and generates over €3.5 billion for the economy every year.

"The event industry was the first to be hit with events starting to cancel in Ireland from about February and it will definitely be the last to recover.

"Hospitality is already starting to come back but the events really don't look like they are going to come back in their full flow for at least another six months."